Value investors know the lessons of history are important so what can be taken from 2016? Here Kevin Murphy picks out three lessons the wider market is likely to have overlooked
Did anybody anywhere in the world put an accumulator bet on the UK voting to leave the European Union, Donald Trump winning the US presidential election and Leicester City winning the Premier League? The bookmakers believe not and you'd think they might have noticed - after all, these events were considered so unlikely that just a £1 bet placed at the start of 2016 on all three occurring would have netted £3,000,000. At this end of the year, of course, while those who foresaw Leicester City as Premiership champions remain thin on the ground, there is no shortage of commentators who will ...
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